XAUUSD (1290.35): Gold prices managed to remain supported above the 1285 handle. However, price action remains choppy as gold prices started retreating from the previous highs formed near the 1296 level. In any case, we are expecting the declines to stall near the 1285 level where support could be formed. A rebound off this level will signal the near term gains that could target the 1300 region where resistance is seen. Alternately, a break down below 1285 could see gold prices moving back into the familiar range that was established with the lower support seen forming at 1274.
